The euro proved unable to significantly overcome the 1.1720-hurdle, at least for now. Thus, there was nothing to gain for euro bulls at the beginning of this week. The British pound reversed shy off 1.33 and consolidated between 1.3250 – 1.3215. We may see more volatile movements today with U.K. employment numbers scheduled for release at 8:30 UTC.
GBP/USD: Chances remain in favor of a bullish break above 1.33 since the market is pricing in a 77 percent of a BoE rate hike next month. A higher target could be at 1.3360 followed by 1.3450.
Fed Chairman Jerome Powell is due to testify before the Senate today at 14:00 UTC. Powell is likely to reiterate that the U.S. economy is in a good shape but he will be grilled on the economic implications of trade wars. Traders should therefore keep an eye on USD crosses around his testimony.
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